Meta shareholder Altimeter Capital has asked CEO Mark Zuckerberg to cut jobs and reduce spending in the metaverse in order for Meta to “regain its mojo.”

In an open letter shared Monday and addressed to Zuckerberg, Altimeter CEO Brad Gerstner said Meta has “lost investor confidence” due to its lackluster financial earnings over the past year and its recent pivot to augmented reality. and virtual. To get back on track, Gerstner said Meta must cut its personnel costs by 20 percent by Jan. 1, cut its capital spending by $30 billion to at least $25 billion, and put an annual cap of $5 billion in their investments in the metaverse and Reality. laboratories.

“Like many other companies in a zero-rate world,” Gerstner said, “Meta has…